Recession fears are real as NZ economy unexpectedly shrinks

Worse-than-expected GDP figures suggest NZ's bubble might burst. (Image: Getty)

Thu, 16 Jun 2022

New Zealand’s economy shrank 0.2% in the March quarter, raising the possibility of a recession. The result was worse than economists had expected, with the median predicting the economy to grow 0.5% in the quarter, according to Bloomberg. The Reserve Bank of New Zealand had forecast the gross domestic product, or GDP, would expand 0.7% in the March quarter. The economy grew 3.0% in the December quarter. For the economy to be in recession, there needs to be two consecutive quarters of contraction. Westpac NZ actin...

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